Previously, the “Small Business Jobs Act of 2010” eliminated strict substantiation requirements for business use of employer-provided cell phones. Now the IRS has issued new guidance on the tax treatment for employees. The IRS explains that the value of cell phones, where use may be both business and personal, can be excluded from an employee’s [...]
On April 14, 2011, President Obama signed legislation – the “Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011” – repealing expanded reporting rules for businesses and landlords that had been created by laws passed in 2010. Business reporting. The Form 1099 reporting rules were changed by the 2010 health care [...]